Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Current Valuation Ratios
AT&T Inc., current price multiples
| AT&T Inc. | T-Mobile US Inc. | Verizon Communications Inc. | Telecommunication Services | Communication Services | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | ||||||||
| No. shares of common stock outstanding | ||||||||
| Growth rate (g) | ||||||||
| Earnings per share (EPS) | ||||||||
| Next year expected EPS | ||||||||
| Operating profit per share | ||||||||
| Sales per share | ||||||||
| Book value per share (BVPS) | ||||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | ||||||||
| Price to next year expected earnings | ||||||||
| Price-earnings-growth (PEG) | ||||||||
| Price to operating profit (P/OP) | ||||||||
| Price to sales (P/S) | ||||||||
| Price to book value (P/BV) | ||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
AT&T Inc., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Price to earnings (P/E) ratio
- The P/E ratio exhibits fluctuations over the observed periods. It was reported at 8.6 in 2021, decreased slightly to 8.47 in 2023, then surged notably to 16.94 in 2024. The absence of data for 2020 and 2022 limits a continuous trend analysis, but the marked increase in the latest period indicates a significant change in market valuation relative to earnings.
- Price to operating profit (P/OP) ratio
- This ratio shows a general downward trend from 31.88 in 2020 to 7.32 in 2021, followed by a further decrease to 5.12 in 2023, before rising to 9.56 in 2024. The sharp decline between 2020 and 2023 suggests improving operating profit relative to price or a market adjustment, while the rise in 2024 points to a shift favoring price increases or reduced operating profit.
- Price to sales (P/S) ratio
- The price to sales ratio demonstrates moderate variability with a decrease from 1.19 in 2020 to 1.01 in 2021, a slight increase to 1.14 in 2022, followed by a dip to 0.98 in 2023 and a rebound to 1.49 in 2024. These movements suggest fluctuating investor sentiment regarding sales valuation, with the peak in 2024 indicating higher market valuation per unit of sales.
- Price to book value (P/BV) ratio
- The P/BV ratio fluctuates but shows an increasing trend overall. Starting at 1.26 in 2020, it fell to 1.03 in 2021, rose to 1.41 in 2022, decreased slightly to 1.16 in 2023, and increased substantially to 1.74 in 2024. The overall upward trajectory, notably the increase in 2024, suggests an increasing market valuation relative to the company’s book value over time.
Price to Earnings (P/E)
AT&T Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to common stock (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| T-Mobile US Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/E Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to common stock ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AT&T Inc. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a declining trend from 28.63 US$ at the end of 2020 to 16.8 US$ by the end of 2023. However, in 2024, there was a notable recovery with the share price increasing to 25.36 US$, suggesting renewed market confidence or positive developments impacting valuation.
- Earnings Per Share (EPS)
- EPS shows significant volatility over the five-year period. It started with a negative value of -0.75 US$ in 2020, turned positive at 2.78 US$ in 2021, dropped back to a negative -1.22 US$ in 2022, and recovered to positive figures in 2023 and 2024 at 1.98 US$ and 1.5 US$, respectively. This oscillation indicates fluctuating profitability and potential operational or market challenges affecting earnings.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio is partially reported, but available data shows values of 8.6 in 2021, 8.47 in 2023, and a substantial increase to 16.94 in 2024. The increased P/E ratio in 2024 despite a decline in EPS indicates that investors may be anticipating future earnings growth or are willing to pay a premium for the stock, possibly due to expectations of improved performance.
Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| T-Mobile US Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/OP Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AT&T Inc. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibits a downward trend from 28.63 US$ in 2020 to a low of 16.8 US$ in 2023, followed by a notable recovery to 25.36 US$ in 2024. This pattern suggests initial market weakness or challenges, with a subsequent period of regained investor confidence or improved market conditions.
- Operating Profit Per Share
- The operating profit per share shows volatile performance over the analyzed period. Starting at 0.9 US$ in 2020, it climbs sharply to 3.27 US$ in 2021, then declines dramatically to a negative value of -0.64 US$ in 2022, indicating an operating loss. This is followed by a rebound to 3.28 US$ in 2023 and a slight decrease to 2.65 US$ in 2024. This volatility points to fluctuating operational efficiency or one-time impacts affecting profitability during these years.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio decreases significantly from 31.88 in 2020 to 7.32 in 2021, reflecting the sharp increase in operating profit per share and a comparatively smaller decline in share price. The ratio is missing for 2022, likely due to the negative operating profit making the ratio undefined. In 2023, the ratio stands at 5.12, indicating the share price was relatively low compared to operating earnings. In 2024, the ratio increases to 9.56 as operating profit per share slightly declines while the share price rises.
- Overall Insights
- The data reveals cyclical fluctuations in profitability with potential underlying operational challenges, especially highlighted by the loss in 2022. Share price movements generally correspond to these profit trends but also reflect recovery phases independent from operating profit stability. P/OP ratios indicate periods when the stock was undervalued relative to earnings and times when profitability uncertainty impacted valuation metrics. The combined trends suggest a company facing variable operational results with partial market reassessment in the latest period.
Price to Sales (P/S)
AT&T Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| T-Mobile US Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/S Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Operating revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AT&T Inc. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a declining trend from the end of 2020 through 2023, decreasing from $28.63 to a low of $16.80. However, in 2024, there was a notable recovery with the share price rising sharply to $25.36, though it did not return to the initial 2020 level.
- Sales Per Share Trend
- Sales per share demonstrated a generally downward movement over the five years. Starting at $24.08 in 2020, sales per share declined consistently to a low of $16.93 in 2022. This was followed by a slight upward adjustment in 2023, and a marginal decrease in 2024, ultimately stabilizing around $17.04.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio showed fluctuations rather than a clear linear trend. Beginning at 1.19 in 2020, it decreased to 1.01 in 2021, rose slightly to 1.14 in 2022, then dipped to 0.98 in 2023. In 2024, it experienced a significant increase to 1.49, the highest level over the period examined.
- Insight on Market Valuation and Sales Relationship
- The declining sales per share suggests a possible reduction in revenue generation efficiency or market conditions impacting sales volume or pricing. The share price’s sharp drop followed by partial recovery may indicate initial negative investor sentiment or external market pressures with a subsequent adjustment. The P/S ratio’s rise in 2024, despite stable sales per share, implies that the market is valuing the company more favorably relative to its sales, potentially due to improved investor outlook or expectations for future performance.
- Summary
- Overall, financial metrics indicate a period of downturn in both share price and sales per share through 2022 and 2023, followed by signs of market optimism in 2024. This optimism is reflected in the rebound of share price and an increased price-to-sales ratio, suggesting improved market perception despite relatively flat sales per share towards the end of the period examined.
Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity attributable to AT&T (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| T-Mobile US Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/BV Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AT&T Inc. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a declining trend from 28.63 US$ at the end of 2020 to a low of 16.8 US$ by the end of 2023, indicating a significant depreciation over this four-year period. However, in 2024, the share price rebounded sharply to 25.36 US$, suggesting a recovery or renewed investor confidence during that year.
- Book Value Per Share (BVPS)
- The BVPS showed relative stability between 2020 and 2021, increasing slightly from 22.67 US$ to 23.29 US$. Thereafter, it experienced a marked decline to 13.67 US$ in 2022, followed by a modest recovery over the next two years, reaching 14.54 US$ by the end of 2024. This pattern indicates a deterioration in net asset value per share starting in 2022 with limited improvement subsequently.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuated over the five-year period. It started at 1.26 in 2020, dipped to 1.03 in 2021, rose sharply to 1.41 in 2022, then declined again to 1.16 in 2023, and finally increased significantly to 1.74 in 2024. This variability reflects changes in market valuation relative to book value, with the notable rise in 2024 suggesting the market price increased faster than book value in that year.
- Overall Insights
- The financial data reflects a period of declining market valuation and book value per share from 2020 through 2023, followed by signs of recovery in 2024. The share price decline was more pronounced than the decrease in BVPS, which is highlighted by the P/BV ratio fluctuations. The sharp increase in P/BV in 2024 implies positive market sentiment or expectations not fully supported by book value increases alone. This could be indicative of expected future growth, improved profitability, or other factors influencing market perception.